Shiba Inu Price Soars 10% In Reaction To Explosive 2,367% SHIB Burn Surge
March 18 2024 - 11:00AM
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Shiba Inu (SHIB), a prominent Ethereum-based cryptocurrency,
witnessed a substantial rally, bolstering the interest of crypto
enthusiasts worldwide. The nearly 10% surge in price on Monday has
been attributed to a wave of market optimism, coinciding with a
significant burn surge revealed by Shibburn, the meme coin’s burn
tracker. The recent rally of meme coins can be attributed to
various factors. Firstly, the growing market sentiment and
excitement surrounding meme coins have attracted investors seeking
high-risk, high-reward opportunities. Additionally, the influence
of social media platforms, viral marketing, and endorsements from
celebrities and influencers have played a significant role in
driving up the prices of meme coins. Related Reading: Forget
Dogecoin, Shiba Inu Set To Become The Top Dog: Expert Predicts $100
Billion Market Cap Shiba Inu Burn Surge Analysis According to
Shibburn’s data, the burn rate for Shiba Inu skyrocketed by a
staggering 2,367% over the past 24 hours, resulting in the
destruction of a whopping 186 million coins. This surge in burning
activity has further heightened market optimism surrounding the
meme token, as the Shiba crypto community continues to make
remarkable efforts to enhance the SHIB tokenomics. Source: Shibburn
The continuous depletion of SHIB’s supply through burning
activities has triggered discussions about the dynamics of supply
and demand, igniting a hurricane of bullish sentiments for Shiba
Inu. Notably, it is the community’s concerted efforts, including
significant transfers to a dead wallet, that have primarily
contributed to the rise in the burn rate. Shibburn’s insights shed
light on two massive transactions by the Shiba crypto community,
both involving transfers to a dead wallet. The first transaction
saw a transfer of 168 million coins, while the second involved the
transfer of 16.68 million SHIB. These actions reflect the
community’s determination to bolster the tokenomics of Shiba Inu
and have further contributed to the burn surge witnessed recently.
Bitcoin price action. Chart: TradingView SHIB Price Climbs Amid
Optimism The positive momentum extends beyond burning activity, as
Shiba Inu’s price experienced a substantial uptick of 10% over the
past 24 hours, reaching a current trading value of $0.0000287. This
surge in price has been accompanied by a surge in trading volume by
nearly 23% and a market cap increase of 10%, firmly establishing a
bullish stance for SHIB. However, it is important to note that the
recent correction in Bitcoin’s price led to a temporary dip for
Shiba Inu, which reached a low of $0.0000238. Related Reading:
Bitcoin Threatens To Retreat To $60,000 As Bulls Seek Solid Ground
With the recent upward movement, there is growing optimism that
SHIB may breach the $0.00003 mark, potentially paving the way for a
recovery trend that could push prices above the previous swing high
of $0.000045 and even surpass the $0.00005 milestone. Market
observers are particularly encouraged by the burning chronicles of
the meme coin, which further contribute to the prevailing market
optimism. Featured image from Pexels, chart from TradingView
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